Is THAT Gift Taxable – IRS Form 709

The IRS instructions to Form 709 Gift Tax Return spell out the general rules for allocating the unified credit to prior gifts. For 2017, the annual gift tax exclusion is $14,000.  That means you can give up to $14,000 to as many different people as you want as a gift without being subject to gift tax rules. The…

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Surviving Spouse Estate & Gift Tax Exclusion

IRS Notice 2011-82 makes available the ability for taxpayers to pass along their unused estate & gift tax exclusion amounts to their surviving spouse if an estate tax return is filed. This new portability election allows estates of married taxpayers to pass along the unused part of their exclusion amount ($5 million cap in 2011) to…

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